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of <h1>Supreme Court dismisses appeal on machinery depreciation claim; transaction deemed sham.</h1> <h3>AVASARALA TECHNOLOGIES LTD. Versus JOINT COMMISSIONER OF INCOME-TAX</h3> The Supreme Court dismissed the appeal concerning a claim for depreciation on machinery purchased from Andhra Pradesh State Electricity Board, as the ... Depreciation on machinery purchased from Andhra Pradesh State Electricity Board - Held that:- All the authorities below have found, as a fact, that there was no such purchase of machinery and the transaction in question is sham. On that basis, it was concluded that since the machinery was not purchased by the appellant, it never became the owner of the machinery and, therefore, could not claim any depreciation thereof. These are pure findings of facts recorded by the authorities below. No question of law arises. HC judgment upheld [2003 (9) TMI 36 - KARNATAKA High Court ] - Decided against assessee. The Supreme Court dismissed the appeal regarding a claim for depreciation on machinery purchased from Andhra Pradesh State Electricity Board, as authorities found the transaction to be sham and the machinery was not purchased by the appellant.
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